Question 1
A risk _____________ is a document that contains results of various risk management processes, which can be displayed in a table or spreadsheet format.
- Management plan
- Selected: RegisterThis answer is correct.
- Breakdown structure
- Probability/impact matrix
You are correct! Risk register is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format. A risk is an uncertainty that can have a negative or positive effect on meeting project objectives.
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Question 2
Your project team has decided not to use an upcoming release of software because it might cause your schedule to slip. Which negative risk response strategy are you using?
- Selected: AvoidanceThis answer is correct.
- Acceptance
- Transference
- Mitigation
You are correct! The four basic responses to negative risks are avoidance, acceptance, transference, and mitigation. Risk avoidance involves eliminating a specific threat or risk. Risk acceptance means accepting the consequences of a risk if it occurs. Risk transference is shifting the consequence of a risk and responsibility for its management to a third party. Risk mitigation is reducing the impact of a risk event by reducing the probability of its occurrence.
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Question 3
Once risks have been identified and analyzed, this tool helps you determine an overall risk score.
- Selected: Probability impact matrixThis answer is correct.
- Risk list
- Risk register
- Risk template
You are correct! A probability impact matrix multiplies the probability score by the impact score to come up with an overall risk score. The risk list is a list of potential risk events, and the risk register is similar to the risk list but includes more details about the risk events.
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Question 4
_____________ is an uncertainty that can have a negative or positive effect on meeting project objectives.
- Risk utility
- Risk tolerance
- Risk management
- Selected: RiskThis answer is correct.
You are correct! A risk is an uncertainty that can have a negative or positive effect on meeting project objectives
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Question 5
Which risk management process involves prioritizing risks based on their probability and impact of occurrence?
- Planning risk management
- Identifying risks
- Selected: Performing qualitative risk analysisThis answer is correct.
- Performing quantitative risk analysis
You are correct! Performing qualitative risk analysis involves prioritizing risks based on their probability and impact of occurrence. After identifying risks, project teams can use various tools and techniques to rank risks and update information in the risk register. The main outputs are project documents updates.
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Question 6
Performing qualitative risk analysis involves prioritizing risks based on their probability and impact of occurrence.
- Selected:TrueThis answer is correct.
- False
You are correct! Performing qualitative risk analysis involves prioritizing risks based on their probability and impact of occurrence. After identifying risks, project teams can use various tools and techniques to rank risks and update information in the risk register. The main outputs are project documents updates.
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Question 7
_____________ are indicators or symptoms of actual risk events such as a cost overrun on early activities being a symptom of poor cost estimates.
- Probabilities
- Impacts
- Watch list items
- Selected: TriggersThis answer is correct.
You are correct! Triggers are indicators or symptoms of actual risk events. For example, cost overruns on early activities may be symptoms of poor cost estimates. Defective products may be symptoms of a low-quality supplier. Documenting potential risk symptoms for projects helps the project team identify more potential risk events.
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Question 8
Which one of the following about positive risks is true?
- The goal of project risk management is to maximize potential negative risks
- Selected: Positive risks are risks that result in good things happening; sometimes called opportunities.This answer is correct.
- Positive risks are risks that do not result in good things happening
- The goal of project risk management is to minimize potential positive risks
Positive risks are risks that result in good things happening; sometimes called opportunities. The goal of project risk management is to minimize potential negative risks while maximizing potential positive risks.
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Question 9
Negative risk involves understanding potential problems that might occur in the project and how they might impede project success.
- Selected:TrueThis answer is correct.
- False
All projects involve uncertainties that can have negative or positive outcomes, which constitute risk.
The negative risk strategies include avoid, transfer, mitigate, and accept.
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Question 10
_________ is a risk analysis technique that uses a complex mathematical approach to numerically analyze the probability and impact of risks.
- Selected: Quantitative Risk AnalysisThis answer is correct.
- Risk impact analysis
- Risk probability analysis
- Qualitative Risk Analysis
You are correct! Quantitative Risk Analysis uses a complete mathematical approach to determine risk probability and impact. Qualitative Risk Analysis is subjective in nature. Risk impact analysis and risk probability analysis are performed using either Quantitative Risk Analysis or Qualitative Risk Analysis.